The Nevada Gaming Control Board has opened an investigation into Steve Wynn, CEO of Wynn Resorts and former Republican National Committee finance chief, it said Tuesday, in the wake of a Wall Steet Journal report alleging decades of sexual misconduct.

"After completing our review, the Nevada Gaming Control Board is conducting an investigation with regard to the allegations of sexual misconduct involving Steve Wynn. The Nevada Gaming Control Board will conduct its investigation in a thorough and judicious manner," the board's chair, Becky Harris, said in a statement.

The allegations, which were first reported Friday, detailed accounts from dozens of current and former employees that would amount to "a decades-long pattern of sexual misconduct," as well as a $7.5 million financial settlement paid to a manicurist who alleged she was pressured into having sex with Wynn.

Wynn has denied the allegations.

Shares of Wynn Resorts have plunged since the report was published Friday, as attention has turned to how the company's board leadership will manage what could amount to a civil liability.